Petrobras will hold a 60% stake in the company, while PDVSA will hold the remaining 40%. Employees from both companies are expected to operate the plant.

The Brazilian company said that the refinery will be capable of processing 200,000 barrels of oil per day, and a supply agreement for 100,000 barrels of oil per day, coming from the Carabobo 1 block in the Orinoco oil range, is to be signed to provision it.

PDVSA has announced that the development of the fields identified in the Carabobo 1 block is underway, keeping the participation option open for Petrobras in the improved oil production projects, while Petrobras concludes its technical and economic studies.